Monday, Feb 13, 2012
DOHA (Zawya Dow Jones)--State-controlled Qatar Petroleum and Qatar Petrochemical Co, or QAPCO, signed a heads of agreement Monday to build a $5.5 billion petrochemical plant in the northern industrial city of Ras Laffan by 2018, as the Gulf state steps up investment to utilize its huge gas reserves.
The complex will produce 1.4 million tons of ethylene, which, along with other products such as polyethylene, will be marketed abroad in Asia, Africa and Latin America, Qatar's oil minister Mohammed bin Saleh Al Sada told reporters Monday.
Feedstock will come from natural gas plants in Ras Laffan, he said. QP has an 80% stake in the project, while QAPCO holds the other 20%.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
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(END) Dow Jones Newswires
13-02-12 1014GMT
